Last checked at 19 Dec 2017 07:00
Phoenix Global Mining Ltd / Ticker: PGM / Index: AIM / Sector: Mining
19 December 2017
Phoenix Global Mining Ltd ('Phoenix' or the 'Company')
Change in Expiry Date of Warrants
Phoenix Global Mining Ltd (AIM: PGM.L), the AIM quoted, US focused copper and cobalt exploration and development company, announces an extension to the expiry date of certain of its share warrants to acquire ordinary shares in the Company.
Phoenix hereby informs share warrant holders of 3,270,942 share warrants to acquire ordinary shares in the Company at an exercise price of 6 pence per share that the current expiry date of 31 December 2017 has been extended to 31 December 2019. All other conditions of the share warrants remain unchanged.
The Company is not proposing to issue new share warrant certificates in respect of these share warrants and will continue to accept the existing certificates up to and including the new expiry date of 31 December 2019.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information please visit www.pgmining.com or contact:
Phoenix Global Mining Ltd | Dennis Thomas & Richard Wilkins | c/o St Brides Partners +44 20 7236 1177
|
SP Angel (Nominated Advisor)
| Lindsay Mair / Caroline Rowe | Tel: +44 20 3470 0470 |
Brandon Hill Capital (Broker) | Jonathan Evans / Oliver Stansfield/Robert Beenstock
| Tel: +44 20 3463 5000 |
St Brides Partners (Financial PR) | Charlotte Page / Susie Geliher | Tel: +44 20 7236 1177 |
Notes
Phoenix Global Mining Ltd (AIM: PGM) is a US-focused, base metal explorer and developer, which is fast-tracking the historically-producing Empire Mine in Idaho, USA back into production.
Having established an initial copper oxide JORC resource of 19.4 mt grading 0.47% copper ('Cu') for 90,547 t contained Cu. Phoenix has defined a two-phase development strategy. Phase One is focused on commencing low cost, open pit production from the current oxide resource, targeting 7,000t copper cathode per annum by 2020 via an SX-EW plant. Stage Two will look to extend the life of mine by targeting the deeper (below c.120m), higher grade copper sulphides, where intercepts of up to 11.4% Cu have been recovered. Preliminary Feasibility Study work on the priority open pit oxide resource is already underway.
It is estimated that only 5% of the potential ore system has been explored to date and accordingly there is significant opportunity to increase the resource through phased exploration; the current resource relates to the oxide resource only, which remains open along strike and does not include the deeper, higher grade sulphides. The Company also holds two prospective copper-cobalt properties in Idaho, US, which are located north of the Empire Mine. These are situated close to the town of Cobalt and are close to projects being advanced by Canadian junior miners, including eCobalt Solutions and US Cobalt. Early stage exploration is underway with drilling targeted to commence in 2018.
With a management team that has successfully constructed, commissioned and operated mines and a low risk, mining-friendly jurisdiction with excellent infrastructure, Phoenix is looking to fulfil its ambitions to become a mid-tier base metal producing company, offering exposure to two high demand technology metals with compelling demand/supply fundamentals.